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Openbazaar Users Can Trade Crypto Without KYC

The decentralized market, Openbazaar announced the release of their 2.2.2 version that has a lot of new improvements and features. One of the biggest features is that it allows the consumers to trade in 1500+ cryptocurrencies without any fees. Also, all the trades are peer-to-peer trades without the need of a KYC process.

The announcement on the Openbazaar blog said,

The first is the ability for users offering to trade coins to mark up or discount their price — Instead of only being able to offer a trade at market price, they can choose to add a markup, which will automatically increase the price to the buyer based on the percentage they choose.

The announcement also stated that with the new upgrade, traders can offer a discount on the market price. The software updates the market price continuously and will add the discount when the trade is taking place.

The development team said that before the 2.2.2 update, users could trade 60 coins, however, now Openbazaar has integrated the price feed from Coinmarketcap and now users can trade in. The developers further detailed,

If you want to see if a specific coin is available, download Openbazaar and start the process of creating a cryptocurrency listing.

They also explained the no fee structure. The announcement read,

As always, there are no fees to pay and no accounts to sign up for — It’s a direct swap of cryptocurrencies between you and the other party, and if you choose a moderated payment (highly recommended) then there’s a third party available in case of dispute.

The cryptocurrency industry responded positively to the upgrade. Apart from the no fee aspect of the platform, users are also happy about the absence of the annoying KYC/AML procedures that are attached to 90% of cryptocurrency exchanges that exist in the market.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.